Temasek plays musical chairs with assets

Temasek sells its controlling interest in Singapore Food Industries to a subsidiary of Singapore Airlines and realises $219 million.

Singapore Airport Terminal Services SATS yesterday announced that it has agreed to buy a 69.68% stake in Singapore Food Industries SFI for S$334.5 million $219 million. The stake is being sold by Ambrosia Investment, a wholly owned subsidiary of Temasek Holdings.

SATS also counts as a Temasek company since it is 80%-owned by Singapore Airlines, which in turn is 54.4% owned by the Singapore investment firm. It is a service provider that offers ground handling and catering services at...